Market Overview - The Shanghai Composite Index closed at 3888.00 points, above the six-month moving average, with a slight increase of 0.11% [1] - The total trading volume of A-shares reached 16993.57 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 46 A-shares have surpassed the six-month moving average today, with notable stocks including Shuguang Co., Zhengdan Co., and Dongbai Group, showing divergence rates of 4.78%, 4.68%, and 2.88% respectively [1] - Stocks with smaller divergence rates that have just crossed the six-month moving average include Jinjiang Hotels, Mingchen Health, and Spring Airlines [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - Shuguang Co. (600303) with a price increase of 6.23%, turnover rate of 9.78%, six-month line at 3.74 yuan, latest price at 3.92 yuan, and a divergence rate of 4.78% [1] - Zhengdan Co. (300641) with a price increase of 6.11%, turnover rate of 6.57%, six-month line at 24.40 yuan, latest price at 25.54 yuan, and a divergence rate of 4.68% [1] - Dongbai Group (600693) with a price increase of 3.53%, turnover rate of 5.38%, six-month line at 6.27 yuan, latest price at 6.45 yuan, and a divergence rate of 2.88% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tianbang Food (002124) with a price increase of 3.30%, turnover rate of 4.80%, six-month line at 3.05 yuan, latest price at 3.13 yuan, and a divergence rate of 2.74% [1] - *ST Haiyuan (002529) with a price increase of 5.06%, turnover rate of 1.38%, six-month line at 6.68 yuan, latest price at 6.85 yuan, and a divergence rate of 2.53% [1] - Senqilin (002984) with a price increase of 4.22%, turnover rate of 4.06%, six-month line at 20.00 yuan, latest price at 20.48 yuan, and a divergence rate of 2.43% [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - Recent guidance from the Ministry of Finance emphasizes the need for local governments to fulfill payment obligations for existing PPP projects, which is expected to improve cash flow for waste incineration and water services [4][14] - As of August 22, 2025, 95% of the 2 trillion yuan quota for replacing hidden debts has been implemented, accelerating the issuance of local government special bonds [5][19] - The National Development and Reform Commission has reiterated the importance of adjusting public utility prices, with water and waste disposal fees being gradually increased across various regions [30][29] Summary by Sections Government Payment Implementation - The recent guidance on existing PPP projects highlights the necessity for local governments to include related expenses in their budget management and ensure timely payments [4][14] - The funding sources for these projects can include local government special bonds, central transfer payments, and local self-owned funds, which may strengthen the repayment guarantees for future PPP projects [15][14] Debt Replacement and Special Bonds - The issuance of special refinancing bonds has significantly accelerated, with 1.91 trillion yuan issued from January to August 2025, primarily aimed at replacing hidden debts [5][19] - Local governments are actively addressing existing hidden debt issues, which is expected to enhance liquidity for affected parties [19][22] Public Utility Price Adjustments - The report notes that many regions have been slow to adjust water and waste disposal fees, leading to financial losses for water supply companies [30][29] - Recent adjustments in water prices have been observed in cities like Guangzhou and Shenzhen, with average increases of 15.8% for residential water rates [30][34] Investment Logic - The combination of government payment implementation, debt replacement, and price adjustments is expected to positively impact cash flow in the waste incineration and water sectors [36][38] - The industry is experiencing stable growth, with improved cash flow and increased dividends, driven by market reforms and a shift towards direct sales to industrial and commercial clients [38][39]

兴蓉环境回复：尊敬的投资者，您好！公司实行持续、稳定的利润分配政策，重视对投资者的合理回报 并兼顾公司经营发展资金需求。未来待公司主要在建项目建成投运并释放产能，届时公司将更有条件进 一步提高股东回报水平。感谢您对公司的关注。 投资者提问：领导，请问未来三五年内，公司的分红大致，或者说平均能达到一个什么水平？ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，兴蓉环境(000598)08月22日在投资者关系平台上答复投资者关心的问题。 ...

Group 1 - Chengdu Xingrong Zhongshui Water Co., Ltd. has been established with a registered capital of 120 million yuan [1][2] - The company is wholly owned by Xingrong Environment (000598) [1][2] - The business scope includes resource recycling technology research and development, wastewater treatment and recycling, and unconventional water source utilization technology research and development [1][2] Group 2 - The company is registered in Chengdu, Sichuan Province, with its legal representative being Zuo Ku [2] - The company is classified as a limited liability company with no fixed term of operation [2] - The registered address is located in San Sheng Township, Jinjiang District, Chengdu [2]

转自：证券时报 人民财讯8月19日电，企查查APP显示，近日，成都兴蓉中水水务有限责任公司成立，注册资本1.2亿 元，经营范围包含：资源再生利用技术研发；污水处理及其再生利用；非常规水源利用技术研发等。企 查查股权穿透显示，该公司由兴蓉环境全资持股。 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The expansion of the CCER (China Certified Emission Reduction) market is expected to benefit agricultural and forestry biomass, while the EU's Circular Economy Act emphasizes the importance of recycling resources [1][10] - The report highlights the potential for increased cash flow and profitability in the waste-to-energy sector as capital expenditures decline, similar to trends observed in the waste incineration industry [19][23] - The report suggests that the water services sector is approaching a cash flow inflection point, positioning it as the next growth area akin to waste incineration [23][24] Summary by Sections CCER Methodology and Market Expansion - The third batch of CCER methodologies focuses on agricultural biomass and methane reduction from oil and gas, indicating a growing supply and demand in the carbon market [8][10] - The average price of CCER has been reported at 89 RMB/ton, showing a premium over carbon allowances, reflecting tight supply conditions [10][12] EU Circular Economy Act - The EU is seeking public opinion on the Circular Economy Act, which aims to enhance the value of recycled materials and impose stricter regulations on waste management and recycling [15][16] - Key objectives include improving electronic waste collection and recycling rates, and extending producer responsibility for product lifecycle management [16][18] Waste-to-Energy Sector - The report notes a significant improvement in free cash flow for waste-to-energy companies as capital expenditures decrease, with projected dividend increases for major players [20][21] - The sector is expected to see a shift towards higher dividends and improved return on equity (ROE) as companies optimize operations and reduce costs [21][22] Water Services Sector - The water services market is anticipated to experience a cash flow boost as capital expenditures decline, with companies like Xingrong Environment and Yuehai Investment highlighted for their strong dividend potential [23][25] - The report emphasizes the importance of water pricing reforms in ensuring sustainable growth and returns for water service providers [24][25] Key Recommendations - The report recommends focusing on companies such as Guangda Environment, Xingrong Environment, and Green Power for their strong market positions and growth potential in the environmental sector [1][19][25]

金融界消息 截至2025年8月5日收盘，兴蓉环境（000598）报收于7.11元，上涨0.42%，换手率0.54%， 成交量16.23万手，成交金额1.15亿元。 资金流向方面，今日主力资金净流入1007.60万元，占比成交额8.76%。其中，超大单净流入296.06万 元、占成交额2.57%，大单净流入711.54万元、占成交额6.19%，中单净流出流入976.03万元、占成交额 8.48%，小单净流出1983.63万元、占成交额17.24%。 通过天眼查大数据分析，成都市兴蓉环境股份有限公司共对外投资了31家企业，参与招投标项目1096 次，知识产权方面有商标信息46条，专利信息21条，此外企业还拥有行政许可18个。 来源：金融界 兴蓉环境最新一期业绩显示，截至2025一季报，公司营业总收入20.23亿元、同比增长9.61%，归属净利 润5.08亿元，同比增长11.19%，扣非净利润4.98亿元，同比增长11.10%，流动比率0.883、速动比率 0.860、资产负债率58.99%。 天眼查商业履历信息显示，成都市兴蓉环境股份有限公司，成立于1996年，位于成都市，是一家以从事 生态保护和环境治理业为主的 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Key Points - Chengdu Xingrong Environment Co., Ltd. issued corporate bonds totaling 1.4 billion yuan with a fixed interest rate of 3.00% for a term of 5 years [1][2] - The bond is named "20 Xingrong 01" and has a bond code of 149193.SZ [1] - The interest payment dates are set for August 6 each year from 2021 to 2025, with the principal repayment date on August 6, 2025 [2][3] - The bond allows for an adjustment of the coupon rate at the end of the third year and includes an option for investors to sell back the bonds [1] - The bond's interest payment for every 10 bonds with a face value of 1,000 yuan is 1,030 yuan, which is subject to tax deductions [2] - The bond will be delisted on August 6, 2025, with the last trading day being August 5, 2025 [4][6] - The bond's interest income tax obligations are specified for individual and non-resident corporate investors, with a 20% tax rate for individuals [5]